Best way to access equity/appreciation cash?

[Dilraj M.]

I purchased a pre-construction condo for $500k, put a $50k deposit, and it's worth about $580k now. Final closing is in March.

I'm not sure if this is possible, but it seems it is based on research I did myself. My goal is to access as much cash as I can at closing. I know my options going the traditional route, but I'm new to private lending so my question is whether or not the following plan is possible and my best route to go; 

Get a private 1-year interest only loan on the full $500k (taking back my deposit of $50k). Private because they'll factor in the new value of $580k (versus $500k purchase price), and hopefully give out that loan with $80k equity in their favour to mitigate the short term risk.

I bought in a really good area/building, so it should appreciate to 600k after that year is up. Then, my plan was to do a 80% LTV (avoiding CMHC fee) primary residence mortgage through an A lender over 30 years. Therefore, I will only have to put an additional $20k down to get to 80% LTV because of it appreciating from $500k to $600k, and I'll be able to secure a mortgage over 30 years versus 25 from the start.

My understanding is that the CMHC fee is a one time initial fee, and it comes out to about $20k on a $500k uninsured 95% LTV mortgage. Going private, I'm hoping to get 6% interest with it being a lower risk loan, so that puts me at 30k for the year (I don't know how accurate that rate is and whether or not it includes any fees, so I may be completely off). The alternative would be a primary residence 5% down mortgage - for the first year this route will cost me $14k in interest payments and $20k for CMHC, therefore $35k in total. So going private will save me $5k, but more importantly give me access to my $50k that's tied in deposits which is my main goal.

Is this all possible, and if so - is this the best route to go based on my goal of accessing as much money I can at closing?

Thanks in advance to anyone who shares their insights/expertise! 

Dill